Indianapolis Indiana Journal in Indianapolis, Indiana 12 May 1830
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Indianapolis Indiana Journal (Newspaper) - May 12, 1830, Indianapolis, Indiana
Vol. , wednesday May 12, 1830. No. 368. Published by Douglass amp Maguire. Terms. Two dollars per annul if paid in Advance. Three dollars at the Mel of the year. Advertisements inserted on the usual terms. National currency. Senate of the United states March 19, 1830. Or. Smith of Maryland made the billowing report the committee on finance to which was referred a Resolution of the 30th december 1829, directing the committee to inquire into the expediency of establishing an uniform National currency for the United states and to report thereon to the Senate report that nothing Short of the imperative order of the Senate could induce the committee to enter on a subject so surrounded with difficulty. They undertake it with diffidence and a distrust of their capacity to elucidate a subject that has engaged Many nations and the pens of the Ablest writers without As yet coming to any definite conclusion. It still remains to be determined. What is the soundest and most uniform currency one nation assumes one system another a different plan. In one nation a plan is divided and succeeds for a time by prudent and restrictive emissions. Elated with Success larger and More extensive emissions Are risque a rapid nominal Rise of All property takes place the people Are not aware that such nominal Rise is the effect of depreciation the Bubble bursts and ruin to the unsuspecting is the consequence. All history shows such a result in several nations and particularly that of the u. Stales. The committee engaged on a variety of subjects cannot devote so much Lime on the Resolution As the mover must believe would be necessary to developed fully the question before them to wit a sound and uniform National from the Tenor of the Resolution that the uniform National currency proposed must be prepared by the National government circulated under its authority and maintained by its credit the committee have complied with the instruction of the Senate by endeavouring to Divise some plan through which the a gency of the government in Surh a measure would be Safe or useful but after giving it All the consideration a hey could bestow their reflections have resulted in a belief that any such measure no ust resolve itself at last into a Mere system of paper Money issued by the government. The resort to the Issue of a paper Money has been often the desperate expedient of the wants of a nation. It has then i und its justification Only in the necessity which credited if yet such Are its inevitable a a is that every prudent government has the moment ils pressing exigencies permitted retard red to the Only Safe basis of a circulating medium the precious metals and the private credits attached to the use of them. Such were the expedients of the government of the United states during the two wars such ils immediate abandonment of them at the return of peace. But in the present condition of the Treasury of the United states with a Revenue far Sci Pond its wants with a debt almost nominal and hastening to its entire extinguish ment such a measure is not needed by the interests of the government nor is there the slightest indication of its being demanded by the wants of the country. Of such an Issue of paper Money the executive at Washington would be the natural Fountain. The agents of the executive the natural channels. The individuals corporations and states who borrowed it must become debtors to the government and the inevitable consequent in would be the creation of Amonie engine of direct dependence on the officers of government at variance with the whole scheme of our limit to which the currency should be issued the persons to whom it would be Lent the securities taken for ils repayment the places where it should be redeemed involve great complication and great Hazard regarding it merely in a financial Point of View while on More enlarged considerations of political expediency the objections Are in the opinion of the committee insuperable and fatal. Believing such a scheme to be impracticable the committee were con Isolde with the reflection that it is in Nett scary As they Are satisfied that the country is in the enjoyment of an uniform National currency not Only sound and uniform in itself and perfectly adapted to All the purposes of the government and the Community but Mure sound and uniform than that possessed by any other country. The importance of Bis Crumb will justify the committee in stating some details to establish it. The currency of the United states the Only Legal currency is Gold and Silver. All debts to the government and All debts to individuals being received in that medium and in no other. As however the amount of Coin requisite for these purposes would be unmanageable and inconvenient the United states like other commercial countries have adopted tie system of making credit Supply Many of the uses of Coin and numerous banking companies have been established issuing notes promising to pay on demand Gold and Silver. The government of the United states Bas established one of a similar character and for the convenience of the Community the Public Revenue is collected in Gold and Silver the notes of the Bank of the United states and the notes of such solvent state Banks As the Bank of the United states and its branches will receive As Cash. The currency therefore of the United states in its relation to the government of the United states consists of Gold and Silver and of notes equivalent to Gold and Silver. And the inquiry which naturally presents itself is whether this mixed mass of currency is sound and uniform for All the practical purposes of the government and the Trade of the Union. That it is so will appear from the Fol lowing farts 1st. The government receives its Revenue from Community As to be undeniable that in All the Atlantic and commercial cities and generally speaking throughout the whole country the notes of the state Banks Are equal to Gold or Silver. Tace committee do not mean to say that there May not be too Many Banks or that insolvencies do not occasionally occur among them but As every Bank which desires to maintain its character must be ready to make settlements with the Bank of the United states As the agent of the government or be Inni mediately discredited and must therefore keep its notes equal to Gold or Silver there can be Little danger to the Community while the issues of the Banks Are restrained from running to excesses by the salutary control of the Bank of the United states whose own circulation is extremely moderate compared with Thea mount of its capital. Accordingly the fact is that the general credit of the Banks is Good amp that their paper is always convertible into Gold or Siver amp for All local purposes forms a local currency equivalent to Gold and Silver. There is however super added to this cur 343 custom houses 42 land offices 8,004 Post offices 134 receivers of internal Revenue 37 marshals 33 clerks of courts. These with other receiving officers which need not be specified compose an aggregate of More than 9,008 persons dispersed through the whole of the Union who collect the Public Revenue. From these persons the government has for the ten years preceding the 1st of january 1830, received �230,068.855 17. This sum has been collected in every Section of this widely extended country. It has been disbursed at other Points Many thousand Miles Distant from the place where it was collected and yet it has been so collected and distributed without the loss As far As the committee ran lean of a single Dollar and without the expense of a single Dollar to the government. That a currency by which the government has been thus enabled to collect and Transfer such an about of Revenue to pay its army and Navy and All its expenses and the National debt is unsafe and unsound cannot readily be believed for there can be no surer test of its sufficiency than the simple fact that every Dollar received in the form of a Bank note in the remotest parts of the Interior is without charge converted into a Silver Dollar at every one of the vast number of places where the service of the government requires its disbursement. The Secretary of the Treasury in his report of the 6th of december 1828, declares that during the four years proceeding the receipts of the government had amounted to More than ninety seven millions of dollars and that Quot All payments on account of the Public debt whether for interest or principal All on account of pensions All for the civil list for the army for the Navy or for whatever purpose wanted in any part of the Union have been punctually the same officer states that Quot it is the preservation of a Good currency that can alone impart stability and property and prevent those fluctuations in ils value hurtful alike to individuals and to National wealth. This advantage the Bank has secured to the Community by confining within prudent limits its issues of paper Quot fee. Amp a. 2d. If this currency is thus sound and uniform for the government it is not less so to the Community. The basis of All Good currency should be the previous metals Gold and Silver and in a mixed currency of paper circulating with Gold or Silver and convertible into it the great object to he attained is that the paper should always be equal to Gold or Silver that is it should always be exchangeable for Gold or Silver. Such a currency is perfect uniting the convenience of a portable material with the safety of a Metalic medium. Now it cannot be doubted that through this whole county the circulating Bank notes Are equal to specie and convertible into specie. There May be and probably Are exceptions because amongst Banks As among men there Are some who make a show of unreal strength. But it is a fact so familiar to the experience of every citizen in the Rency a general currency More known More trusted and More valuable than the local currency which is employed in the exchanges Between different parts of the country. These Are the notes of the National Bank. These notes Are receivable for the government by the 9000 receivers scattered throughout every part of the country. They Are in fact in the course of business paid in Gold or Silver though they Are not legally or necessarily so paid by the branches of the Bank in every Section of the Union. In All commercial Quot places they Are received in All transactions without any reduction in value and never under any circumstances does the paper from the remotest branches vary beyond a Quarter of one per cent in its actual Exchange for Silver. Here then is a currency As Safe As Silver More convenient and More valuable than Silver which through the whole Western and Southern and Interior parts of the Union is eagerly sought in Exchange for Silver which in those sections often bears a Premium paid in Silver which is throughout the Union equal to Silver in payment to the government and payments to individuals in business and which whenever Silver is needed in any part of the country will command it without the charge of the slightest fraction of percentage. By Means of this currency funds Are transmitted at an expense less than in any other country. In no other country can a Mer chant do what every citizen of the u. States can do Deposit for instance his Silver at St. Lonis or Nashville or new Orleans and receive notes which he can carry with him 1000 or 1500 Miles to the Atlantic cities and there receive for them an equivalent amount of Silver without any expense whatever and in no possible event an expense beyond a Quarter of one per cent. If however a citizen does not wish to incur the anxiety of carrying these notes with him or to run the Hazard of the mail he May instead of them receive a draft payable to himself or his a gent alone so As to ensure the receipt of an equal amount at an expense of not one half and often not one fourth of the actual Cost of carrying the Silver. The owner of funds for instance at St. Louis or Nashville can Transfer them to Philadelphia for one half per Rehncy without any basis of Coin or other effective Check and of no value As a mind inn of remittance or Exchange beyond the jurisdiction of the slate whence it had been issued a currency that not infrequently imposed upon the Treasury the necessity of meeting by extravagant premiums the Mere act of transferring the Revenue collected at one Point to defray unavoidable expenses at it is still within the recollection of the Senate when at the seat of government itself specie could Only be had at 10 or 12 per cent in Exchange for the Bank paper promises to pay specie that for Bank notes of Baltimore 2 per cent were paid for those of Philadelphia 6 or 7 per cent. For those of new York 15 or 16 per cent. And for those of Boston 20 to 22 per cent. Ruinous inequalities which have now happily disappeared. 3d. The soundness of the currency May be further illustrated by the present condition of the foreign exchanges. Exchange on England is at the present moment More than one per cent under Par that is More than one per cent in favor of the United slates. This being the real fact disguised by the common forms of quoting Exchange on England at Between 8 and 9 per cent Premium. It would Lead the committee too far from its present purpose to explain that the original estimate of the a Merican Dollar As being Worth four shillings and six Pence and that therefore the English Pound Sterling is Worth 44, is wholly erroneous and occasions a constant misapprehension of the real state of our Intercourse with great Britain. The Spanish Dollar has not for a Century been Worth four and sixpence the american Dollar never was and whatever artificial value we May assign to our coins is wholly unavailing to them in the crucibles of London or Paris. According to the latest accounts from London at the close of december last the Spanish Dollar instead of being Worth four shillings and sixpence or 54 Pence was Worth Only 49 the american Dollar at least one fourth per cent. Less so that to produce one Hundred times four and sixpence it would be necessary to Send to England not 100 dollars but 109 1 16 Spanish dollars or 109 of the u. States dollars. If to this be added the expenses and charges of sending the Money and converting it into English Gold it will Cost 111 so that 111 is at this moment the Par Exchange Between the United states and England. If therefore a Bill at sight can be procured for less than this sum or a a ii at sixty a s for one per cent less say 110 per cent it is cheaper than sending Silver that is to say he who has Silver to Send to England can Purchase a Bill on London for a greater amount than he would get if he shipped the Silver itself and of course Exchange would be in favor of the u. S. And against England. Now such Bills can be bought at a less rate by More than one per cent in every City in the United states. This fact is conclusive As to the state of the currency. If the Bank notes of the country were not equal to specie specie would be at a Premium which it no where is at present. If the currency were unsound More must be paid of that currency in order to pro cent from new Orleans generally Duce an equal amount of Coin in Anthor country where these Bank notes do not circulate. But if As is the without any charge at most one half per cent. From Mobile from Par to one half per cent. From Savannah at one half percent. And from Charleston at from Par to one Quarter per cent. This seems to present a state of currency approaching As near to perfection As could be desired for Here is a currency issued at Twenty four different parts of the Union obtainable by any citizen who has Money or credit. When in his Possession it is equivalent to Silver in All his dealings with All the 9000 agents of the government throughout the Union. In All his dealings with the Interior it is better than Silver in All his dealings with the commercial cities equal to Silver and if for any purpose he desires the Silver with which he bought it it is at his disposal almost universally without any diminution and never More than a diminution of one Quarter per cent. It is not easy to imagine it is scarcely necessary to desire any currency better than this. After escaping so recently from the degradation of a depreciated paper currency the committee would abstain from every thing which might however remotely revive it. The period is not Remote when in the language of the late Secretary of the Treasury the country was oppressed by a Quot cur 13 Ine Case at present the Bank notes Are convertible into specie if you can buy with Bank notes As much As you can buy with Silver and if in the transactions of the country abroad the merchants who if the notes were not equal to Coin would go to the Bank and ship the Coin can pay As much debt in foreign countries with the notes As by sending the Coin there seems nothing wanting to Complete the evidence of the soundness and uniformity of the currency. On the whole the committee Are of opinion that the present state of the currency is Safe for the Community and eminently useful to the government that for some years past it has been improving by the infusion into the circulating medium of a larger portion of Coin and the substitution of the paper of More solvent Banks in lieu of those of inferior credit and that if left to the Progress of existing Laws and institutions the partial inconveniences which amp till remain of the paper currency of the last War will be wholly and insensibly remedied. Under these circumi>tance8, they deem it prudent to abstain from All legislation to abide by the practical Good which the country enjoys and to put nothing to Hazard by doubtful experiments from Niles Register. Speral Bolivar and or Clay following letters Are copied from the Quot National journal Quot of the 17th instant. Or. Clay was the great chains Ion in the United states in favor of South american i Ibert at an Early period he moved a recognition of the new text Iblis As being free and Independent slates a and the general with one spark of a love of Liberty in his bosom was naturally led to compliment the statesman. Some years ago every Friend offre Edom had Confidence a Bolivar and on Newyl a s Day 1825, at a dih Iier Given to Lafayette or. Clays Toast was Quot Gen Bolivar the Washington of South America and the Republic of Colombia Quot a but his letter to Whitt chief dated 27th oct. 1828, shews that the High opinion entertained of him had been shaken yet the Courtesy and frankness of or. Clay with the loftiness and purity of the principles expressed by him could not fail to excite the greater esteem of the general unless Given up to schemes of personal ambition and the lust of Power and if Iso How must he have Felt humbled by the Strong and Beautiful remarks of Thel Republican statesman translation general Bolivar to or. Clay. Bogota 21st november 1827. Sir i cannot omit availing myself of the Opportunity afforded me by the departure of col. Walts charge d of Fatres of the United states of taking the Liberty to address your excellency. This desire had Long been entertained by me for the purpose of expressing my admiration of your excellency s Brilliant talents and ardent love of Liberty. All America Colombia and. Myself owe your excellency our purest gratitude for the incomparable services you have rendered to us by sustaining our cause with a Sublime enthusiasm. Accept therefore this sincere and cordial testimony which i hasten to offer to your excellency and to the government of the u. States who have so greatly contributed to the emancipation of your Southern Brethren. Colonel wa4ls has by his conduct while in Colombia deserved our respect and admiration and secured the esteem of the government of the Republic. For my Pati must say that his acts in this country have filled with satisfaction the most enlightened of our citizens. I have the Honor to offer to your excellency my distinguished consideration your excellency s obedient Humble servant. Bolivar. Washington 2 7th october 1828. Has exe Elency Simon Bolivar pc. Amp a. Sir i have delayed answering the letter which your excellency did Roe the Honor to address me on the 21st of november last and which was de. Slivered by or. Watts to Avail myself of the Opportunity of conveying an answer afforded by the departure of general Hanison from the United states on the Mission with which they have charged him to Colombia. He will deliver this letter and i beg leave to introduce him to your excellency As a gentleman who besides enjoying the Confidence of his country implied in the High Trust that has been confided to him possesses the personal esteem of All who know him and my particular Friendship. Having been one of those who Early concurred with me in the expediency of acknowledging the Independence of the new republics formed out of Spanish America he carries with him to Colombia the Best and most Friendly dispositions. It is very Gratifying to me to be assured directly by your excellency that the course which the government of the United states took on that memorable occasion and my Humble efforts have excited the gratitude and commanded that approbation of your excellency. 1 am persuaded that i do not misinterpret the feelings of the people of the United states As i certainly express my own in saying hat the interest which was inspired in this country by the arduous struggles of South America arose principally from the Hope that along with its Independence would be established free institutions insuring All the blessings of civil Liberty. To the accomplishment of that object we still anxiously look. We Are aware that great difficulties oppose it among which not the least a that which arises out of the existence of a Large military Force raised for the purpose of resisting the Power of Spain standing armies organized with the most patriotic intentions Are dangerous they devour the substance Debauch the morals and too often destroy the liberties of a people. Nothing can be More perilous or unwise than to retain them after the necessity has ceased which if to their formation especially if their numbers Are disproportionate to the revenues of a stale. But notwithstanding All these difficulties we had fondly cherished and still indulge the Hope that South a Merica would add new triumphs to the cause of human Liberty and that Providence Wotila bless her As he bad her Northern Listef with the be oui
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